The following is a list of the most undervalued gold stocks, when comparing the current price against the average analyst target price (used as a proxy for fair value).

Yes, there are many limitations to this approach, and we suspect there are many falling knives here. But the goal here is to give you a starting point for your own analysis.

Target price data sourced from Finviz. Full analysis below.

The list has been sorted by discount to analyst target price.* 1. Rubicon Minerals Corporation (RBY):* Market cap of $794M. Wednesday's closing price at $3.54 vs. target price of $5.59 (discount of -36.67%). Short Float at 0.36%, which implies a short ratio of 0.84 days. The stock has lost -17.15% over the last year.

*Market cap of $337M. Wednesday's closing price at $7.14 vs. target price of $10.98 (discount of -34.97%). Short Float at 0.23%, which implies a short ratio of 1.29 days. The stock has gained 50.41% over the last year.*

**2. Keegan Resources Inc. (KGN):***Market cap of $905M. Wednesday's closing price at $2.49 vs. target price of $3.67 (discount of -32.15%). Short Float at 5.69%, which implies a short ratio of 9.79 days. The stock has gained 58.54% over the last year.*

**3. Great Basin Gold Ltd. (NYSEMKT:GBG):***Market cap of $2.14B. Wednesday's closing price at $22.51 vs. target price of $31.41 (discount of -28.33%). Short Float at 7.22%, which implies a short ratio of 6.33 days. The stock has gained 139.96% over the last year.*

**4. Allied Nevada Gold Corp. (NYSEMKT:ANV):***Market cap of $826M. Wednesday's closing price at $2.76 vs. target price of $3.83 (discount of -27.94%). Short Float at 0.43%, which implies a short ratio of 0.5 days. The stock has gained 1.43% over the last year.*

**5. Northgate Minerals Corp. (NXG):***Market cap of $872M. Wednesday's closing price at $7.25 vs. target price of $9.61 (discount of -24.56%). Short Float at 2.84%, which implies a short ratio of 3.68 days. The stock has gained 58.55% over the last year.*

**6. Fronteer Gold Inc (FRG):***Market cap of $6.38B. Wednesday's closing price at $16.97 vs. target price of $22.41 (discount of -24.27%). Short Float at 0.64%, which implies a short ratio of 0.73 days. The stock has gained 22.64% over the last year.*

**7. IAMGOLD Corp. (NYSE:IAG):***Market cap of $8.05B. Wednesday's closing price at $10.6 vs. target price of $13.83 (discount of -23.36%). Short Float at 0.56%, which implies a short ratio of 0.53 days. The stock has lost -9.42% over the last year.*

**8. Yamana Gold, Inc. (NYSE:AUY):***Market cap of $562M. Wednesday's closing price at $6.38 vs. target price of $8.26 (discount of -22.76%). Short Float at 7.39%, which implies a short ratio of 4.72 days. The stock has lost -29.42% over the last year.*

**9. Jaguar Mining Inc. (JAG):***Market cap of $31.24B. Wednesday's closing price at $41.8 vs. target price of $54.01 (discount of -22.61%). Short Float at 1.36%, which implies a short ratio of 1.78 days. The stock has gained 2.66% over the last year.*

**10. Goldcorp Inc. (NYSE:GG):****Disclosure:**No positions